Question

The Piedmont Company had the following transactions during June 20X1: a. Collections of accounts receivable, $75,000. b. Payment of accounts payable, $45,000. c. Acquisition of inventory, $18,000, on open account. d. Sale of merchandise, $30,000 on open account and $23,000 for cash. The sold merchandise cost Piedmont Company $28,000. e. Depreciation on equipment of $1,000 in June. f. Declared and paid cash dividends of $15,000. Use the balance sheet equation format to enter these transactions into the books of Piedmont Company. Suppose that Piedmont has a cash balance of $15,000 at the beginning of June. What was the cash balance on June 30?